South Korean Banks to Limit Services for Crypto Traders without Identity Verification

12.09.2018

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South Korean Banks to Limit Services for Crypto Traders without Identity Verification

South Korean banks are reportedly implementing new measures for crypto traders. They are going to limit the services offered to cryptocurrency traders and investors without identity verification, Korea local news report. Korean government introduced the crypto real-name system seven month ago, but only 40-50% of accounts at the country’s top four cryptocurrency exchanges have been converted into real-name ones. Only the country’s largest four crypto exchanges – Upbit, Bithumb, Coinone, and Korbit – have been able to offer the conversion service to their customers.

A bank official told the news outlet that customers who continue to use virtual crypto accounts, and not real-name ones, are at higher risks of money laundering, adding that banks are now urgently taking measures to increase the conversion rate. Banks will take measures to limit services unless the customers with virtual accounts switch to real-name verified accounts by a certain date. After a certain point in time, if new real-name verified accounts are not issued, some restrictions on the Korean won deposit / withdrawal will be considered.

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South Korean Banks to Limit Services for Crypto Traders without Identity Verification

South Korean banks are reportedly implementing new measures for crypto traders. They are going to limit the services offered to cryptocurrency traders and investors without identity verification, Korea local news report.